A Memo To NextEra’s FPL Team About Selling More Power
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If you own NextEra Energy (NEE), a single Florida utility generates most of the sales behind your shares. Florida Power & Light, or FPL, accounted for 66.6% of NextEra’s revenue in 2025, even though it was the slower-growing part of the company that year.
That is the catch for shareholders: NextEra’s growth depends most on its largest unit, but the smaller segment grew faster in 2025. So what would NextEra’s owners ask FPL’s team to do?
What NextEra’s Owners Would Ask Of FPL
If NextEra’s owners sent a short note to FPL’s team, it might read like this. You generated $18.3 billion of revenue in 2025, up 7.3% from the year before. The rest of NextEra, mostly NextEra Energy Resources, produced $9.1 billion, and Energy Resources alone grew its revenue by 16.1%.
You remain the steady core of this company, and we want you to succeed. Your retail sales rose 2.8% in the third quarter of 2026 from a year earlier, helped by the weather. Excluding the weather, those sales increased 1.4%, a rise management attributed to customer growth.
So our one ask is simple: grow what you sell in Florida, not only what you build there.
FPL Grows Mainly By Building
During the third quarter of 2026, FPL added $0.06 more to NextEra’s earnings per share than it did a year earlier, management said. Management identified the main reason for this increase: the capital FPL employs in its regulated business grew about 9.2%. In other words, the utility earns more as it puts more capital to work.
FPL spent about $2.4 billion on capital projects in the third quarter, and management expects that figure to reach about $12 billion for the full year. In July, management had expected FPL to invest $12 billion to $13 billion in 2026, so the plan now sits at the low end of that range.
What FPL And NextEra Do Well
FPL keeps customer bills low. Management said that the typical residential bill at the utility is about 37% below the national average. The company projects that bill to rise by an average of 2% a year through the end of the decade, a projection management offered to demonstrate that FPL can serve growth affordably.
The company around FPL also maintains a wide margin on its sales. The broader company kept 29.0 cents of operating profit from every dollar of revenue over the twelve months to September 30, 2026, compared to 18.5 cents for the S&P 500.
NextEra Stock And The Figure To Watch
NextEra stock returned 0.45% over the year to October 27, 2026, dividends included, trailing the 15.0% return of the S&P 500. The shares closed at $82.42 that day, sitting below their 12-month high close of $96.44 on April 30.
Management did point to possible new demand in Florida. During the October 21 call, it said that hyperscalers, the largest builders of data centers, know exactly how the company plans to serve them in the state. Demand from those customers is the kind that would add to FPL’s sales.
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